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Taxes

Discover helpful information for personal taxes.  Taxes feel daunting, and they can be, but remember that you only need to know enough to:

  1. Do the basics, and

  2. Protect yourself.  

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As always, message us if you're really struggling and we'll help out.

How to File

  • You'll file a form called "1040" for Federal taxes.  

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Employee Tax Forms - New Job

When you get a new job, you'll fill out a W4 (Federal) and a similar state form.  This tells the new employer how much you want withheld from your checks each paycheck.  If you have no idea, the safe answer is 15% of what you'll make before any deductions, broken out. Example: Hired for $52,000 per yr, paid bi-weekly = $2,000/paycheck. 15% would be $300 Federal. (State taxes range greatly, averaging 6% as of 2026, and some have none) **Note, it is strongly advised to speak with a tax professional to avoid over/under paying. This is for illustrative purposes only to help get you started.

Contractor Tax Forms - New Gig

As a contractor, you'll need to give anyone who hires you a W9 and you'll get a 1099 at the end of the year (if you meet the minimum paid amount)

End of Year Taxes - Because it's a Federal Offense to Not File (Seriously)

Need to add text and samples

1099 Sample

Tax Myths

  • A tax "refund" shouldn't be your goal.  It's best to get as close to $0 as possible.  Why:

    • If you get a refund, then you loaned the IRS money....interest free.  That money could've been invested in savings, investments, your home, etc.  remember, they charge interest for paying too little but they don't interest if you pay too much.​

FYI

  • The IRC=Internal Revenue Code...the IRS Guidebook/Rulebook).  Just for whenever you hear that term

  • The IRC is, in fact, designed to benefit businesses more than households....but why?

    • The create jobs​

    • They stimulate other businesses

    • They add buildings for businesses to rent space

    • Their consumption is not like people...businesses buy things to operate their business, people buuy things to use for themselves.

  • Starting your own business, even a household side hustle, will give you a chance to take advantage of those benefits.

    • Just make sure you don't spend more than you make 3+years in a row.  Your business will be seen as a hobby and will be "disqualified"​

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